Western Union Launches USDPT Stablecoin in Philippines, Bolivia
Western Union launched USDPT on Solana today, starting with Bolivia and the Philippines. The firm plans to expand the stablecoin to more than 40 countries by the end of 2026.
Key Takeaway
Western Union targets back-end settlement first, but Filipino OFW families could see faster, cheaper transfers later.
Western Union launched its USDPT stablecoin on Solana today, starting with Bolivia and the Philippines in a rollout that reaches 130 million people.
Anchorage Digital, the first federally regulated crypto bank in the US, issues the token. Fireblocks provides the wallet and settlement infrastructure. USDPT functions as an agent settlement tool, offering Western Union's network an alternative to SWIFT for moving funds between the company and its agent partners.
The Philippines is a major remittance destination where OFW families already use USDT widely for cross-border transfers. Western Union's push into blockchain-based settlement could eventually lower costs and speed up transfers, though the initial rollout targets back-end operations rather than retail customers.
Western Union said the launch reflects a broader shift in how global payments are evolving. The company expects more financial institutions will adopt regulated digital assets as core infrastructure going forward. Bybit former Chief Marketing Officer Claudia Wang said money transmitter firms like Western Union have an opportunity to tap untouched remittance corridors in the Americas, noting routes from Argentina to Bolivia have been almost untouched by crypto rails.
The stablecoin market stands at ₱19.58 trillion ($317.3 billion) today. The US Department of the Treasury and Citigroup project the market will exceed ₱123.39 trillion ($2 trillion) by 2030. MoneyGram started offering USDC services in Colombia in September, while Zelle announced plans for stablecoin-powered cross-border transfers in October. Western Union plans to expand USDPT to more than 40 countries in 2026.
This article was written based on reporting from Cointelegraph.
